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Insolvency Service “reframes” view of creditor – IPs can apply their discretion (UK)

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December 2020 Ponzi Scheme Roundup

Posted by Kathy Bazoian Phelps Below is a summary of the activity reported for December 2020. The reported stories reflect at least 3 new Ponzi schemes worldwide, 3 guilty pleas, over 30 years of prison sentences and one life sentence, and an average

COVID – Consolidated Appropriation Act “CAA” and Bankruptcy 12-27-20

How Does the Consolidated Appropriation Act Intersect with Bankruptcy? December 27, 2020 Congress passed the longest bill ever – 5,600 pages. The Consolidated Appropriation Act “CAA”, I can only assume, like so many of the other laws created by the

IPO done, expectations mount for Eastern Bankshares

Speculation is swirling that the Boston company will go on a buying spree after raising $1.8 billion, though some investors are advising caution. This tension makes CEO Bob Rivers one of our community bankers to watch in 2021.

The Reauthorization and Revival of the Paycheck Protection Program and Economic Injury Disaster Loan Program under the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act

On December 27, 2020, President Donald Trump signed into law the Consolidated Appropriations Act, 2021 (the 2021 Consolidated Appropriations Act), an omnibus statute that is comprised of, among other laws, twelve fiscal year 2021 appropriations bills

Digital Banking 2020: Digital transformation - The cultural imperative

During 2020, our society has been faced with an economic crisis, health crisis, social justice crisis and environmental crisis. The pandemic has rapidly changed how banks engage with customers and employees; accelerating the shift from in-person

What Should You Do if You Have a Warrant Out for Your Arrest in Pennsylvania?

The typical scenario in which this arises is that you will be notified by the police that there is a warrant out for your arrest. In this situation, your next move is crucial – sit and wait, and the warrant will remain active, and in the event you

New wave of fintechs make communities of color top priority

Challenger banks aimed at Blacks, Hispanics, immigrants and other underserved groups are offering financial education and support for charities in addition to basic banking services.

OCC approves LendingClub acquisition of Radius

The regulator's order moves the San Francisco-based company one step closer to becoming the first online lender to own a bank.

NCUA bans two former credit union employees from industry

In December, the National Credit Union Administration barred the individuals from working in the financial services sector for taking money from their institutions for personal use.

11th Circuit affirms order granting retroactive relief from stay to allow foreclosure sale on home in repeat filing case

The 11th Circuit has chimed in on the fairly unusual procedure of granting retroactive relief from the automatic stay to permit otherwise prohibited conduct in Baker v. Bank of America, N.A., 2020 U.S. App. LEXIS 40615, Case No. 20-10780 (29 December

Bankwell warns of one-time charge tied to cost cuts

The New Canaan, Conn., company said it will record a pretax expense of $3.9 million in the fourth quarter related to branch and office closings, severance payments and the end of a vendor contract.

“Small Business Debtor” And “Subchapter V” Co-Exist As Separate Systems In Chapter 11

By: Donald L Swanson A little-known effect of the enactment of Subchapter V is this: Prior “small business debtor” rules now co-exist, side-by-side, with (and separately from) Subchapter V rules in Chapter 11; and We have two separate-but-similar

10 ways coronavirus upended credit union industry in 2020

From dealing with a flood of deposits to working with examiners virtually, credit unions were forced to quickly adapt to a new normal after the pandemic hit. Here's a look at some of the biggest changes and challenges they faced.

Has the OCC become too politicized?

Bank regulators traditionally steer clear of more divisive debates in a polarized Washington. But some observers worry acting Comptroller Brian Brooks has gone too far by wading into issues such as public health orders and banks' decisions to curtail

CFPB fines Nevada lender over alleged Military Lending Act violations

The agency said Omni Financial in Las Vegas illegally required service members to designate a portion of their paychecks to repay loans, depriving of them of other payment options.

Synchrony, PayActiv join CFPB's compliance sandbox

The Consumer Financial Protection Bureau is giving the credit card issuer and the fintech firm some regulatory latitude to develop specific new products.

Oportun's bid for bank charter meets resistance

Several consumer advocacy organizations have urged the Office of the Comptroller of the Currency to deny the online lender's application for a national bank charter, citing concerns about its lending and debt-collection practices.

RON use went up in 2020. Here's why more lenders won't adopt it

Remote online notarization helped originators close loans amid social distancing measures, but complex local laws remain a barrier to its widespread use.

Stimulus battle stands in way of AML measure becoming law

An impasse over pandemic relief checks for Americans is holding up an override of President Trump's veto of a bill shifting beneficial-owner requirements from banks to their commercial clients.

Tall order for startup's leader: Keeping PPP borrowers in fold

Triad Business Bank opened in North Carolina shortly before the launch of the Paycheck Protection Program, which brought in many clients. CEO Ramsey Hamadi, one of our community bankers to watch in 2021, will have to work hard to retain them after